FPSO MODEC Venture 1 redeploys

AED Oil Ltd. has send a letter of intent to MODEC for time charter of the FPSO MODEC Venture 1.

Aug 28th, 2007

Offshore staff

TOKYO –AED Oil Ltd. has send a letter of intent to MODEC for time charter of the FPSO MODEC Venture 1.

The vessel would go to Puffin SW field in the Timor Sea for AED. It had been at Elang/Kakatua/Kakatua North for ConocoPhillips in the Timor Gap Joint Petroleum Development Area. ConocoPhillips has abandoned that operation after nine years.

The FPSO will undergo minor modifications and maintenance, and is expected to be on station at Puffin-10 toward the end of 1Q 2008, with production starting shortly thereafter. The contract agreement is for a fixed term of three years with two one-year option periods.

08/28/2007

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